Lynn Jenkins: “I thank the gentleman for yielding and thank him for his leadership on this particular issue. We are a Nation that is…”

“I thank the gentleman for yielding and thank him for his leadership on this particular issue. We are a Nation that is struggling to make ends meet. The rising cost of everyday essentials, such as gas, groceries, and electricity, all continue to rise, while household incomes remain stagnant. There is no need to compound these problems with a Tax Code that punishes working parents by making it hard for them to keep up with the rising costs of raising a family. The child tax credit was originally enacted in 1997 to ease the financial burden on families. Over time, the original credit amount was eventually increased and made partially refundable to help more families. However, since being expanded to $1,000 back in 2004, the child tax credit has failed to keep pace with costs. Kids are expensive: diapers and car seats, haircuts, toothbrushes, books, clothes, and even sporting equipment. A recent study by the U.S. Department of Agriculture estimated that for a middle-income couple, it will cost over $240,000 to raise a child until 18 years of age. I did the calculation for a middle-income two-parent household with three kids. According to the USDA calculator, the average household will spend $3,500 on food, $4,000 on transportation, $1,600 on clothing, and nearly $7,000 on child care and education for a total of over $30,000 annually. Contributing the most to these rising costs are items such as spending on education and child care.…”